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China's yuan weakens against US dollar - May 12

(Xinhua)
Updated: 2011-05-12 10:29

BEIJING -- The Chinese currency renminbi, or the yuan, Thursday weakened against the US dollar as the central parity rate of the yuan was set at 6.5005 per US dollar.

The yuan weakened by 57 basis points from the previous trading day on Wednesday when it hit a record new high of 6.4948 per US dollar.

On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate each trading day.

The central parity rate of the renminbi against the US dollar is based on a weighted average of prices before the opening of the market each business day.